Morgan Stanley announced on Friday that it will soon permit its financial advisors to offer bitcoin ETFs to most of its clients, marking it a first among major Wall Street institutions to do so, according to information obtained by CNBC.
Starting Wednesday, the firm’s approximately 15,000 financial advisors will be able to recommend eligible clients to buy shares in two bitcoin exchange-traded funds, according to sources familiar with the new policy. These funds are BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, the sources revealed.
This decision by Morgan Stanley, one of the world’s largest wealth management companies, highlights the growing acceptance of bitcoin in mainstream finance. In January, the U.S. Securities and Exchange Commission approved applications for 11 spot bitcoin ETFs, introducing an investment option for bitcoin that is more accessible, cost-effective, and easily traded.
This comes in as another positive move for Bitcoin, just a week after the Bitcoin Conference in Nashville, at the end of July. Even after the recent drop, that is considered a panicked sell-off by most analysts, investors are waiting for other big Wall Street banks to join in on the Bitcoin ETF as a mainstream instrument. Standard and Chartered, one of those big banks, has predicted months ago that a move like that would launch Bitcoin above the 100.000$ per coin level.
At the time of this article, Bitcoin is priced at 55.564$ per coin.
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AcademicFX, Bitcoin, Bitcoin ETF, Crypto, Morgan Stanley, Wall Street
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